USD is mostly higher. Activity is limited ahead of US GDP
As North American traders enter for the day and traders await the US GDP at 8:30 AM ET/1230 GMT, the JPY is the strongest, while the CHF is the weakest. Having said that, the pairs are all scrunched together today as most pairs move up and down in a relatively narrow trading range.
The long awaited 2Q GDP will be released (and later over the next few months revised a number of times) with the expectation for 4.2% vs 2.0% last quarter. Personal consumption is expected to rise 3.0%. Price indes is expected at 2.3%. The core PCE is expected to rise 2.2%.
Looking at the changes and ranges, the USDCHF is the big mover with a gain of 28 pips. The other major pairs are all within 16 pips of the closing level. Not a lot of movement.
In the pre-market US trading, stock futures imply higher opens:
- Dow up 34 points
- S&P up 8 points
- Nasdaq up 23 points
Amazon is trading higher after earnings doubled expectations. Twitter is lower after reporting and disappointing this morning.
In the European market, at the midday:
- German Dax us up 0.4%
- France's Cac is up 0.3%
- UK FTSE is up 0.47%
- Spain's Ibex is up 0.8%
In the European 10 year debt sector, yields are mixed with modest changes overall
US yields are mixed but little changed:
- Spot gold is down -$2.94 at $1219.78
- WTI crude is down -0.15% at $69.47
- Bitcoin is lower and back below the $8000 as the Winklevoss twins were denied a Bitcoin ETF. For the day on Coinbase, the price is down -$221 at $7918. The low reached $7840 and the price is moving back toward a test of the 100 day MA at $7608.28. The 200 day MA at $8547.88 was sniffed this week but not busted.
